Renowned economists Steve Haney and Harry Dent are asserting that the upcoming year, 2024, will be marked by a substantial and imminent mega-recession, particularly impacting the United States. The preceding three to four years have been notably tumultuous for both the U.S. and the global economy.
During this period, the M2 money supply skyrocketed to a historic high of 26.2%, a move initiated by the U.S. Administration, leading to significant inflationary pressures.
In reviewing the economic performance of the United States in 2023 and offering projections for 2024, Nauraiz Rana, an economist with the World Bank, acknowledges that the policies formulated to address the economic fallout of the 2020 and onward COVID-19 pandemic have played a defining role in shaping recent economic trends. The pandemic triggered permanent closures of businesses across various scales, disrupting supply chains and altering the customary flow of the private sector.
Looking ahead to 2024, the economic landscape becomes a critical factor in the upcoming elections, as economic performance traditionally influences voter sentiment. Additionally, the potential contraction of the U.S. economy may have ripple effects on the global South, affecting international trade and development aid.